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Need new prepayment card - any suggestions?
poppytattoo
Posts: 101 Forumite
Hello everyone,
As part of my bid to get out of debt and stay in control of my spending I have been using a Loot card for most purchases - it worked as a prepayment card where I would budget what I could afford to spend on food, bits etc for the week and send that money into my Loot account. Then I would only take that card around with me, so I wasn't tempted to pay for anything from my main (HSBC) card. It was working really well and I liked that it was simple to use, the customer service team were great on the app, I could freeze the card in seconds if I lost it, and it actually took a while for money to reach the account which technically isn't good but acted as a nice deterrent for me in terms of not spending money I didn't have. It also sent instant notifications whenever I spent anything, and seperate "pots" that I could put money into for savings or spends.
As it has now gone into administration and is winding down services, I am looking for a similar-but-better prepayment card or bank account to replace it. I have heard good things about Revolut, Monzo, N26 etc, but google searches haven't really shown me any real differentiation. I may be overthinking, but I'd really appreciate any views from any that has used these services personally, and even more so if they used it for similar purposes?
As part of my bid to get out of debt and stay in control of my spending I have been using a Loot card for most purchases - it worked as a prepayment card where I would budget what I could afford to spend on food, bits etc for the week and send that money into my Loot account. Then I would only take that card around with me, so I wasn't tempted to pay for anything from my main (HSBC) card. It was working really well and I liked that it was simple to use, the customer service team were great on the app, I could freeze the card in seconds if I lost it, and it actually took a while for money to reach the account which technically isn't good but acted as a nice deterrent for me in terms of not spending money I didn't have. It also sent instant notifications whenever I spent anything, and seperate "pots" that I could put money into for savings or spends.
As it has now gone into administration and is winding down services, I am looking for a similar-but-better prepayment card or bank account to replace it. I have heard good things about Revolut, Monzo, N26 etc, but google searches haven't really shown me any real differentiation. I may be overthinking, but I'd really appreciate any views from any that has used these services personally, and even more so if they used it for similar purposes?
Debt-free wannabe since Jan 2018.
Total debt: was £39,220.58, now £6,977.55
Total debt: was £39,220.58, now £6,977.55
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Comments
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Can't comment on most but I have a Monzo card, and it has been brilliant for me. Was great when I was getting myself out of debt as I could track everything.
Now out of debt I use it as my full bank account. Customer service is fantastic.0 -
Highly recommend the Monzo card. Hubby and I have one each with our monthly 'fun' money on it and then we have a joint one that we put the grocery money in and then we also use the savings pots on that account to put money aside for 'kids clothes' 'holiday spending money' 'car repairs' (you can literally name the pots whatever you like and when you need to use it you just transfer it into the main account from the designated pot). So easy. And it updates instantly.0
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I’ve just got a Starling account for the same purpose. Same as Monzo but better for using abroad as no limit on spend in a foreign currency.
August 2019: £28.8k
November 2020: £0 (0% interest)
My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320
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Me and my husband have monzo, it’s fab! I love the app and it updates instantly. Love all the budgets and helps us see where we’re spending0
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Thanks everyone for the suggestions - I'm weirdly excited to get a new card and a new account - feels like a fresh start in a way!
I think Monzo might be the way to go, so I'm going to have a look at applying for a card tonight.
Debt-free wannabe since Jan 2018.
Total debt: was £39,220.58, now £6,977.550
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